Title 16, Title 16: Education

§ 2698. Separability—Article VIII The provisions of this compact shall be severable, and if any phrase, clause, sentence or provision of this compact is declared to be contrary to the Constitution of any compacting state or of the United States the validity of the remainder of th…

§ 2699. Period of existence; withdrawal; reinstatement—Article IX This compact shall continue in force and remain binding upon a compacting state until the legislature or the governor of such state, as the laws of such state shall provide, takes action to withdraw therefrom. Such…

§ 2700. Default by compacting state—Article X If any compacting state shall at any time default in the performance of any of its obligations assumed or imposed in accordance with the provisions of this compact, all rights and privileges and benefits conferred by this compact or a…

§ 2731. Appointment of State members of board Eight persons shall represent the State as members of the board. One board member shall be a member of the Senate, appointed by the President of the Senate; one shall be a Representative, appointed by the Speaker of the House of Repre…

§ 2732. Compensation of members The appointed members of the board shall receive $ 30.00 a day for the time actually spent in the performance of their duties, and all members of the board shall receive their actual and necessary expenses when away from home upon their official du…

§ 2733. Accounts The members from this State shall obtain accurate accounts of all the board’s receipts and disbursements. (Amended 2011, No. 139 (Adj. Sess.), § 14, eff. May 14, 2012.)

§ 2801. Gifts The trustees of the University of Vermont and State Agricultural College may accept any gift of money or real or personal property from any source whatever and grants in aid from the federal government to assist in carrying out the purposes of this chapter. (Added 1…

§ 2802. Construction The University of Vermont and State Agricultural College may acquire real estate; construct, operate, manage, and equip television broadcast stations and related auxiliary broadcast stations, including microwave facilities; and may interconnect with any other…

§ 2803. Purposes The action of the University of Vermont and State Agricultural College in applying for construction permits and federal matching funds in connection with educational television in Vermont is expressly ratified and confirmed. The University of Vermont and State Ag…

§ 2821. Student Assistance Corporation; purpose (a) There is hereby established a nonprofit public corporation to be known as the Vermont Student Assistance Corporation whose purpose shall be: (1) to provide opportunities for persons who are residents of Vermont to attend college…

§ 2822. Definitions As used in this chapter: (1) “Corporation” means the Vermont Student Assistance Corporation. (2) “Board” means the Board of Directors of the Vermont Student Assistance Corporation. (3) “Student” means any person who: (A) has graduated from a secondary school, …

§ 2823. Powers of Corporation (a) The Corporation may acquire by gift or otherwise, hold, and dispose of property in fee or in trust, or any other estate, for the purposes set forth in this chapter and shall be an instrumentality of the State. The State shall support and maintain…

§ 2825. Tax exemptions All real and personal property of the Corporation is exempt from taxation. All bonds, notes, and other obligations issued pursuant to this chapter are issued by a body corporate and public of this State and for an essential public and governmental purpose a…

§ 2826. Statutory purposes (a) The statutory purpose of the exemption for interest income from Vermont Student Assistance Corporation bonds in section 2825 of this title is to lower the cost of borrowing in order to finance education loan programs. (b) The statutory purpose of th…

§ 2827. Confidentiality of personally identifying information Except as otherwise provided by law, or by consent of the individual identified in the record, information that directly or indirectly identifies applicants, recipients, beneficiaries, or participants in programs admin…

§ 2828. Financial aid eligibility for certain students (a) Notwithstanding any provision of law to the contrary, a resident who is otherwise eligible for a State-funded financial aid program administered by the Corporation shall not be ineligible solely on the basis of such resid…

§ 2831. Membership; vacancies The Corporation shall be governed and all of its powers exercised by a Board of Directors consisting of 11 members. The Governor shall appoint five members as follows: one person to be the financial aid officer of an institution of postsecondary educ…

§ 2832. Organization and compensation (a) The Board, with the advice and consent of the Governor, shall elect from its members a chair. The Board shall also elect from its members a vice chair and secretary. Each of the officers shall hold office for two years and shall be eligib…

§ 2833. Meetings; quorum The Board shall hold regular meetings and such special meetings as it deems necessary. A majority of the directors shall constitute a quorum for the transaction of any business unless the bylaws of the Corporation require a larger number. (Added 1965, No.…

§ 2834. Powers and duties (a) The Board has the power to adopt rules, regulations, policies, and procedures not inconsistent with law, governing the application for and the origination, servicing, and repayment of loans, the awarding of grants to students, and the Corporation’s o…

§ 2835. Controls, audits, and reports (a) Control of funds appropriated and all procedures incident to the carrying out of the purposes of this chapter shall be vested in the Board. (b) The books of account of the Corporation shall be audited annually by an independent public acc…

§ 2841. Establishment; rules A need-based grant program is hereby established to aid students who need financial assistance and are pursuing undergraduate studies and give promise of completing satisfactorily a degree program or who have been accepted for admission to an approved…

§ 2842. Eligibility (a) To qualify for an incentive grant for the first year of undergraduate study, a student must be in attendance at an approved postsecondary education institution or be accepted for admission and be enrolled as a full-time or part-time student at such an inst…

§ 2843. Applications, certificates, and reports (a) The recipient must apply for an incentive grant at least annually. Grants may be for a maximum of five full-time equivalent school years. (b) Each applicant for an incentive grant shall furnish a certificate of income with the a…

§ 2844. Amount received; proration (a) Each undergraduate student who qualifies for an incentive grant shall apply on forms provided by the Corporation. The Corporation may consider the student for an incentive grant if the student meets the need-based eligibility standards estab…

§ 2845. Trust fund; grants; students in Department for Children and Families custody (a) The Board shall establish a trust fund to be used to provide grants for students who do not have parental support and are or have been under the custody of the Commissioner for Children and F…

§ 2846. Advancement grants (a) The Corporation may establish an advancement grant program for residents pursuing nondegree education and training opportunities who do not meet the definition of student in subdivision 2822(3) of this title and who may not meet the requirements of …

§ 2851. Establishment Vermont Honor Scholarships are hereby established for secondary school seniors who plan to attend an approved postsecondary education institution. (Added 1965, No. 198, § 6(a); amended 1999, No. 24, § 2, eff. May 19, 1999; 2003, No. 86 (Adj. Sess.), § 17.)

§ 2852. Eligibility (a) All resident, qualified secondary school seniors are eligible to be nominated by their secondary school for a Vermont Honor Scholarship. (b) Vermont Honor Scholarships shall be awarded on the basis of merit as demonstrated by scholastic excellence and part…

§ 2853. Application A qualified student may be awarded an Honor Scholarship without affecting eligibility for an incentive grant. The Honor Scholarship amount shall not be considered in determining the calculation of the initial amount of the grant, unless the student’s total gra…

§ 2854. Amount; number; disbursement (a) Each Vermont Honor Scholarship shall be an equal amount and no less than $1,000.00 as determined by the Board. (b) Each secondary school, or a border school serving Vermont secondary school students, may nominate a senior for a Vermont Hon…

§ 2857. Vermont National Guard Tuition Benefit Program (a) Program creation. The Vermont National Guard Tuition Benefit Program (Program) is created, under which a member of the Vermont National Guard (member) who meets the eligibility requirements in subsection (c) of this secti…

§ 2861. Establishment There is hereby created an Education Loan Program for the purpose of assisting qualified students to pursue schooling beyond the secondary level. It is the intention of the Legislature in establishing the Education Loan Program under this subchapter to serve…

§ 2862. Rules and regulations (a) The Board shall adopt rules and regulations and establish policies and procedures that it deems necessary to carry out the purpose of this subchapter. The rules and regulations so adopted shall include provisions relating to borrower eligibility,…

§ 2863. Guarantee The Corporation is authorized to guarantee that any education loan notes properly executed shall be repaid according to their tenor and, if guaranteed under the Higher Education Act, to the extent authorized under that act, provided, that in the event of default…

§ 2864. Reserve fund (a) The Corporation shall establish and maintain an allowance for loans not covered by a federal or other guaranty or insurance, using historical loan delinquency and default rates and other relevant information. To the extent the reserve fund contains any mo…

§ 2865. Default A holder of a loan guaranteed pursuant to this chapter may submit a default claim to the Corporation for payment when a borrower has failed to make an installment payment of principal or interest or both when due or to comply with other terms of the note or other …

§ 2866. Rights of minors A person under 18 years of age shall not be disqualified or lack capacity by reason of the person’s minority, but shall have the rights, powers, privileges, and obligations of a person of full age with respect to executing instruments under this subchapte…

§ 2867. Reserve and pledged equity funds (a) The Corporation may create and establish one or more special funds, referred to in this section as “debt service reserve funds” or “pledged equity funds.” (b) The Corporation shall pay into each debt service reserve fund: (1) Any monie…

§ 2868. Notes, bonds, and other obligations (a) Power to issue obligations. The Corporation may issue its negotiable notes, bonds, and other obligations in such principal amount as the Corporation determines necessary to provide sufficient funds for the availability of loans for …

§ 2869. Loan cancellation; mathematics, science, and computer science teachers (a) Loans obtained under this subchapter may be partially or completely cancelled and forgiven for a borrower who is employed for a complete academic school year as a full-time licensed teacher: (1) in…

§ 2875. Findings and intent (a) The general welfare and well-being of the State are directly related to the educational levels and skills of its citizens. (b) It is the policy of the State to advance postsecondary education opportunities by using the State’s limited resources in …

§ 2876. Definitions As used in this subchapter, except where the context clearly requires another interpretation: (1) “Beneficiary” means any individual designated by a participation agreement to benefit from payments for qualified postsecondary education costs. (2) “Benefits” me…

§ 2877. Vermont Higher Education Investment Plan created (a) There is created a program of the State to be known as the Vermont Higher Education Investment Plan and a trust for that purpose to be administered by the Vermont Student Assistance Corporation as an instrumentality of …

§ 2878. Participation agreements for Investment Plan The Corporation shall have the authority to enter into Investment Plan participation agreements with participants pursuant to the provisions of this subchapter, including the following terms and agreements: (1) A participation …

§ 2878a. Participation agreements for Investment Plan; Vermont Matched Savings Program The Corporation may participate in the Vermont Matched Savings Program established under 33 V.S.A. § 1123, in accordance with the rules of the Agency of Human Services adopted thereunder, in co…